Missouri Court To Hear Challenge To Business Incentives
JEFFERSON CITY (AP) - The Missouri Supreme Court will decide whether legislation creating an incentive fund for high-tech companies can legally take effect.
The high court is to hear arguments Wednesday on the constitutionality of the Missouri Science and Innovation Reinvestment Act. The law, which passed in September 2011, would use a portion of the tax revenues of existing biotechnology companies to finance grants for similar start-up businesses.
But a Cole County judge struck it down in February.
On an appeal, the Supreme Court will consider the constitutionality of a contingency clause in the legislation. That wording said the program could take effect only if a separate bill dealing with other tax incentives also passed and became law during an autumn 2011 special session. That other bill never passed.